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UK's financial watchdog tightens regulatory focus on fast-growing industry.
The FCA's new BNPL regulations will cost lenders and merchants a combined £3bn in lost profits.
KEY POINTS
- Starting July 15, it will be a criminal offence to operate BNPL agreements without FCA permissions.
- Consumers can now take BNPL complaints to the financial ombudsman, a first for the sector.
- Klarna and Clearpay have preemptively adopted regulatory practices ahead of mandatory FCA oversight.
- Online retailers like Amazon, ASOS, and eBay face profit hits from stricter BNPL transaction rejections.
COMPANIES
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